Part C - SPECIAL PROVISIONS FOR A SUBSIDIARY COMPANY GETTING DELISTED THROUGH A SCHEME OF ARRANGEMENT WHEREIN THE LISTED HOLDING COMPANY AND THE SUBSIDIARY COMPANY ARE IN THE SAME LINE OF BUSINESS
Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021. Part B Conditions and procedure for delisting where exit opportunity is required
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Shareholder approval requirement: delisting needs a special resolution by postal ballot or e voting with decisive public shareholder support. A company seeking delisting where an exit opportunity is required must obtain a special resolution within forty five days of board approval, passed by postal ballot and/or e voting under the Companies Act; it must disclose all material facts in the explanatory statement, and the resolution is actionable only if public shareholders' votes in favour are at least double those against.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Shareholder approval requirement: delisting needs a special resolution by postal ballot or e voting with decisive public shareholder support.
A company seeking delisting where an exit opportunity is required must obtain a special resolution within forty five days of board approval, passed by postal ballot and/or e voting under the Companies Act; it must disclose all material facts in the explanatory statement, and the resolution is actionable only if public shareholders' votes in favour are at least double those against.
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